Study Of Consideration Problem Of Shareholder Structure Reform

The shareholder structure reform aims to remove the premium on circulated stock shares and make all the stock shares in circulation with the same price, and resolves the systematic problem in the term of low allocating efficiency and agent default in China stock market. It is the consideration payment problem that can make or mar the reform.This paper researched the reason and rationality of consideration payment. It was believed that the issue of circulated stock shares at high premium and the future risk after the reform is the main reason that uncirculated stock shareholders pay the premium to the circulated stock shareholders, and the reasonable level of consideration should be the equilibrium consideration induced from the arbitrage theory. This article used the equation of equilibrium consideration to do an empirical research on the 46 listed companies for trial and listed companies that gave out scheme in the 23-27 board of the total shareholder structure reform, and found problems as follows: The average discount consideration payment of all samples is less than the second of three of average equilibrium consideration payment; More and more listed companies overpaid the consideration payment; The share structure was so improperly considered when the scheme of consideration was made that the discount consideration of listed companies was far below the equilibrium consideration; Most of the listed companies made the scheme according to the consideration coefficient of 0.3 that the market accepts, nevertheless, they did not regard the equilibrium consideration as the main principle .According to the problems found in research, it is suggested that the management should set up the principle of consideration payment of shareholder structure reform as fast as possible, and enforce the supervision of making the consideration scheme and strengthen the transparence of the policy information to reduce the effect of irrational factors on the reform.